The Kellogg School of Management has created a new way to support student entrepreneurs post-graduation. An award in the sum of $80,000 will back a business idea that addresses a social or environmental challenge through a novel, sustainable and well-developed business plan, the school recently announced.
Along with the monetary support, the award recipient will also receive ongoing mentorship and guidance from the Levy Social Entrepreneurship Lab, starting with the class of 2012.
“The Kellogg Social Entrepreneurship Award provides a platform to support the innovative ideas of Kellogg students who accept the challenge of harmonizing financial success and social impact,” says Jamie Jones, associate director of the Social Enterprise at Kellogg program.
“Recipients of this prestigious award will be well-positioned to make a meaningful impact in their communities, organizations and the world.”
To be eligible for the award, students submitted an application with detailed plans about their social venture idea before the January 10, 2011 deadline. Students will now pitch their ideas in two rounds of competition to a panel of Kellogg professors, staff and leaders in the entrepreneurship, venture capital and social change fields. The final competition round will be held in mid-April.
Successful applications will include a three-year implementation and operational plan and will detail how the venture will address root causes or create systemic social change. Students also must show a willingness to pursue the venture full-time after graduation.
Judging criteria for the award includes the venture’s viability, the social value created and the innovativeness of the model, along with the qualifications and commitment of the applicant. An award will only be granted if judges unanimously agree that a venture merits the financial commitment and demonstrates both significant social impact and financial sustainability.
For more information about the award, please visit: kellogg.northwestern.edu/academic/seek/fellowaward/index.htm